American Express now offers the new “Premier Rewards Card,” which looks quite tempting. Per Gary, the benefits are as follows:

• 15,000 bonus American Express Membership Rewards points after $1000 in spend
• 15,000 bonus points for spending $30,000 on the card between January 1 and December 31 each year (equivalent to 50% bonus if you hit $30,000 in spend and stop). This isn’t a one-time bonus, rather an every year opportunity.
• No fee the first year
• Triple points on airfare
• Double points on gas and groceries

While the annual fee is $170 after the first year, this card is at the very least worth keeping for a year. You can earn 30,000 bonus miles if you spend enough, plus double points on gas and groceries (although most Membership Rewards cards have a similar deal through the beginning of next year). Even after the first year, the card might make sense if you spend enough on airfare, or maybe gas and groceries, although lots of cards offer bonuses for that.

While a Starwood point is generally worth more than a Membership Rewards Point, there is one huge added benefit to Membership Rewards — instant transferability to many programs. While I don’t always book awards on short notice, it can take 1-2 weeks for miles to be transferred to an airline account from Starwood, and that’s just too long.

So I’m very tempted by this card, but much like Gary I’d probably wait till January to get it, as the $30,000 spend requirement is based on a calendar year.